Just like John Byrne (ABA) predicted . . . The Treasury Department declined to issue new anti-money laundering program regulations for banks, thrifts and credit unions today. One of the regulations it did issue states:
"This interim final rule provides that banks, savings associations, credit unions, registered brokers
and dealers in securities, futures commission merchants, and casinos, will be deemed to be in compliance with section 352 if they establish and maintain anti-money laundering programs as required by existing FinCEN regulations, or their respective Federal regulator or self-regulatory organization."
Noting that, since 1987, all federally insured depository
institutions and credit unions have been required by their federal regulators to have anti-money laundering
programs which contain the same elements that are required by section 5318(h)(1).2, section 103.120(b) provides that a financial institution that is subject to regulation by a Federal
functional regulator will be deemed to be in compliance with the requirements of section 5318(h)(1) if it complies with the regulations of its regulator governing the establishment and maintenance of anti-money laundering programs. Examination of these financial institutions by their Federal functional regulators will continue to ensure compliance with those regulations.
Great news for those compliance officers who already have enough "light reading".
BankersOnline is a free service made possible by the generous support of our
advertisers and sponsors. Please help us keep BankersOnline FREE to all
banking professionals. Support our advertisers and sponsors by clicking
through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
